Robert Baird bullish on FileNet

SusanLerner

NEW YORK (CBS.MW) -- Shares of FileNet Corp.
file
were up 87 cents, or 4.5 percent, to $20 in pre-market trade Tuesday. After Monday's closing bell, the company said it would release its third-quarter results on Oct. 20, "apparently avoiding the pre-release shortfall that had been widely speculated," according to Robert W. Baird analyst Steven Ashley. The broker boosted its recommendation on the shares to "outperform" from "neutral" while maintaining its $24 price target. "Delivering as-expected third quarter 2004 results without the aid of any mega-deals would be particularly encouraging. Regardless, avoiding a pre-release shortfall in the third quarter of 2004 removes a meaningful potential negative from the story," Ashley told clients.

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